The initiative is expected to help distribute income to local communities, vulnerable populations, and SMEs in trade, services, industry, and even upstream farmers. This will likely contribute to the expansion of Thailand's GDP by the end of the year.
Thai exports grew 5.8% in August from a year earlier, the slowest pace in nearly a year due to the stronger baht and the impact of US tariffs, according to the Thai Commerce Ministry.
As the US tariff measures were delayed, US importers are rushing to import more goods from Thailand to hedge against future price risks, while demand for electronic products and components grows well in line with the growth of the digital industry.
If the US eventually chooses to impose only a 10% tariff on Thai imports rather than the announced 36%, Thailand’s gross domestic product (GDP) growth could reach 2.5%.
The Thai Chamber of Commerce (TCC) has said it backs the decision by the Bank of Thailand, the country's central bank, to maintain the policy interest rate at 2.25%, considering the move as suitable for a reviving economy.
The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.
The presidential election in the US is scheduled for November 5. In light of this, the Thai Ministry of Commerce is closely monitoring the situation, as changes in the US policy under the new presidency could have a significant impact on the Thai economy.
Thailand’s economy is in a "critical situation" that requires urgent stimulus measures, Prommin Lertsuridej, chief of staff to the Prime Minister said on March 4.
Although the Bank of Thailand (BoT)'s revised GDP growth forecast of 3.2-3.8% next year is possible, analysts are warning that an economic slowdown in China and the US means downside risks remain, while the effectiveness of the government’s stimulus to ignite the economy is questioned, local media reported.
Thailand's finance ministry has lowered the country's economic growth projection for 2023 to 3.5 % from the previous forecast of 3.6% despite a strong recovery in tourism.
The Thai economy grew 2.7% in the first quarter from a year earlier, higher than the 1.4% expansion in the previous quarter, according to the National Economic and Social Development Council (NESDC).
Election campaigns are forecast to generate up to 120 billion THB (3.5 billion USD) for the economy of Thailand, said the Centre for Economic and Business Forecasting at the University of the Thai Chamber of Commerce.
The Thai economy is expected to return to the pre-pandemic level in 2023 thanks to the recovery of the tourism sector and private consumption, according to Thailand’s Eastern Economic Corridor Office (EECO).
Thailand’s consumer confidence rose 47.9 points in November, hitting a 20-month high and marking a rise for six straight months, thanks to improved economic performance, an increasing number of foreign visitors and declined petroleum prices.
The Thai Ministry of Finance has indicated that the Thai economy may not reach a forecast growth of 3.8% next year due to a global economic slowdown, but said this year’s outlook should still be achieved.
Thailand's economic recovery is not likely to be impacted by the global economic fluctuations, Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput said on October 4.
